KUALA LUMPUR — May 16, 2016: Printing company Tien Wah Press Holdings (TWPH) is diversifying into property development, with the sale of two lots of land in Petaling Jaya to a joint-venture company.
Its subsidiary Tien Wah Properties (TWP) today signed a joint-venture agreement with Kemensah Holdings Pte. Ltd. (KHPL), a wholly-owned subsidiary of Lum Chang Holdings (LCH) of Singpore, to form and operate a 50:50 joint-venture company currently known as Sterling Model Sdn. Bhd. for the proposed development.
In a filling with Bursa Malaysia, the group said TWP is selling the land to SMSB for RM63.75 million. The 99-old leasehold land has a residue of 44 years and measure 10,448 square metres and 2,592 square metres respectively.
The joint-venture and land sale are to maximise the usage of land owned by TWPH and its subsidiaries with the long term intention of maximising shareholders’ value. It is also intended to deliver additional income stream for the group.
The group said the plans are in line with its strategy of growing and diversifying its business with sustainable growth as well as to balance its income stream.